WV Real Estate FINAL EXAM STUDY GUIDE GRADED A 2024

The purpose of the West Virginia License Act is to --- limit competition in the real estate industry. protect the public in real estate transactions. regulate the limit for brokerage compensation. impose license fees to generate income. - protect the public in real estate transactions. Jim acquires a West Virginia broker license. He wants to sell real estate without opening a business so he decides to remain at his salespersons desk on the sales floor at Acme Realty. Jims license status will be that of a(n) --- associate broker. Salesperson. broker apprentice. designated broker. - associate broker. Salesperson Sharon received a $3,000 deposit from a buyer on Tuesday morning and gave it to her broker before noon. The brokerÂs normal banking day is Tuesday and the seller wonÂt be available until Thursday, so the broker placed the funds in her personal checking account until the seller returns. The broker: --- can hold the funds until the seller accepts or rejects the offer. must wait for the seller's signature before depositing the funds. may be sanctioned by the Commission and lose her license. should have waited for the seller's oral instructions before depositing the money. - may be sanctioned by the Commission and lose her license. A broker who changes his or her business address must notify the Commission of the address change within how many days? --- 30 14 10 60 - 10 Days Velma is a licensed salesperson in West Virginia. Velma may properly receive compensation or commissions from --- Any landlord or seller. the principal. any other licensed real estate broker. her employing broker only. - her employing broker only. West Virginia law requires all advertising placed by salespersons and associate brokers include --- the licensees license number. name of the salesperson or associate broker. the employing broker's name. all of the above. - the employing broker's name A West Virginia license to act as a salesperson or associate broker shows on the certificate the: --- employing brokers name. corporate name. business address where employed. home address of the licensee. - employing broker's name. Which individual is NOT exempt from licensure under West Virginia law? --- Individual owner selling his or her own property. Mortgage broker dealing in residential home loans. Individual conveying the property of another under the authority of a deed of trust or a will. Business broker who negotiates leases of business property only - Business broker who negotiates leases of business property only Which statement is FALSE regarding brokerage signs? --- The broker must maintain a sign at the entrance to each branch office. The sign requirement does not apply to a place of business located in a home. The word "Broker" must be on the sign. The sign must include the brokers trade name, if applicable. - The sign requirement does not apply to a place of business located in a home. In order to perform a Broker Price Opinion (BPO) a broker licensed in West Virginia must --- be paid by a lender only. have five yearss experience. be registered as the designated broker. be a licensed appraiser. - be a licensed appraiser. Broker Millie owns Ace Realty and is Salesperson Kims registered broker. Kims compensation as an independent contractor is: --- set by federal minimum wage law. determined by West Virginia employment laws. whatever Millie and Kim agreed to.